State-owned enterprises divested more than VND3.7 trillion (US$163.4 million) in book value from investment in non-core operations during the first eight months of 2017, according to the Ministry of Finance’s Corporate Finance Department.

They earned over VND15.8 trillion ($695.3 million) for the State coffer from sale of their investment.

The State Capital Investment Corporation (SCIC) sold nearly VND1.4 trillion ($61.4 million) worth of stakes in 21 SOEs, earning over VND12.2 trillion ($538.5 million). The amount included 5.4 per cent of its total shares in Vietnam Dairy Products JSC (Vinamilk) that were sold for more than VND11.3 trillion ($496.6 million).

Seven SOEs have had their equitisation plans approved in August.

So far, equitisation plans of 33 SOEs have been approved in the first eight months of this year, with total real state capital in those enterprises worth approximately VND20.9 trillion ($918.7 million).

The Ministry of Finance recommended the Government to assign the Ministry of Industry and Trade to fast-track the divestment of State ownership at top brewers Habeco and Sabeco this year.

If divestment announcements are not released before September 30, the ownership’s right over the State capital in the two firms should be transferred to SCIC to ensure the pace of divestment, it proposed. — VNS